/*  ------------------------------------------------------------------------  */
/*  Paper        : Does Stakeholder Outrage Determine Executive Pay?          */
/*  Program      : a02-07-base_salaries.do                                    */
/*  Description  : CEO salary cuts and base salaries                          */
/*  ------------------------------------------------------------------------  */

use "$temp112/outragePanel.dta", clear

foreach var of varlist salary {
replace `var' = `var' / 1000
}

#delimit ;
global fix0
	ln_mcap lnEmp ceo_tenure chAt boardSize nedTenure
	exret_12m btm leverage_mkt tangibility ret_std roa_std xrd_at
	payout_d  
; #delimit cr

global fix i.sic2_ctrl $fix0 ln_varcomp 

capture drop f1_dcut_all
gen f1_dcut_all = f1.dcut_all
	replace f1_dcut_all = 0 if missing(f1_dcut_all)

foreach num of numlist 2016/2019 {
	gen fyear`num'Sal = i`num'.fyear#c.salary
}

global placeboif if inrange(fyear,2016,2019) & mainsample==1, vce(cluster firm_id)

eststo placebo0: qui reg f1_dcut_all ln_varcomp fyear*Sal $placeboif
eststo placebo1: qui reg f1_dcut_all i.sic2_ctrl ln_varcomp fyear*Sal $placeboif
eststo placebo2: qui reg f1_dcut_all $fix fyear*Sal $placeboif

esttab placebo*, nogap drop(*sic*)

/*  -|----------------------------------------------------------------------  */
/*  ||  ---    Program end: a02-07-base_salaries.do                           */
/*  -|  ---    Attila Balogh    --------------------------------------------  */